PSX Closing Bell: Cooldown

October 01, 2024 (MLN): Pakistan stocks rebounded on Tuesday on the back of index heavyweights Hub Power and Mari Petroleum.

The equity benchmark KSE-100 Index concluded Tuesday's trading session at 81,804.59, showing an increase of 690.39 points or 0.85%.

Hub Power held its annual general meeting yesterday and dismissed recent media reports about ongoing negotiations between Independent Power Producers (IPPs) and the government.

The company further stated that once a power plant reaches the end of its operational life, various options are available for the decommissioned facility, such as selling it or repurposing it for alternative uses, brokerage house Arif Habib Limited (AHL) reported.

Moreover, Pakistan's inflation slowed to the lowest in almost four years, with consumer prices rising by 6.9% in September over the prior year. That is within the central bank's target range of 5-7%.

The inflation pace was also significantly lower than the market expectations of 7.5%.

KSE-100 Index remained positive throughout the day showing an intraday high of 81,980.36 (+866.16) and a low of 81,119.24 (+5.04) points.

The total volume of the KSE-100 Index was 191.15 million shares.

Of the 100 index companies 67 closed up, 29 closed down, while 4 were unchanged.

Top gainers during the day were KOSM (+6.41%), HUBC (+5.98%), NCPL (+5.96%), FCCL (+5.30%), and MARI (+5.30%).

On the other hand, top losers were EFUG (-6.56%), EPCL (-4.34%), BAFL (-3.74%), FHAM (-3.70%), and NBP (-1.73%).

In terms of index-point contributions, companies that propped up the index were HUBC (+221.53pts), MARI (+173.01pts), OGDC (+53.98pts), BAHL (+46.71pts), and PPL (+37.77pts).

Meanwhile, companies that dragged the index lower were BAFL (-51.45pts), HBL (-39.35pts), POL (-31.36pts), UBL (-29.87pts), and MEBL (-17.59pts).

Sector-wise, KSE-100 Index was supported by Power Generation & Distribution (+244.45pts), Oil & Gas Exploration Companies (+233.40pts), Cement (+108.23pts), Leather & Tanneries (+35.70pts), and Pharmaceuticals (+33.80pts).

While the index was let down by Commercial Banks (-100.78pts), Chemical (-7.62pts), Miscellaneous (-5.83pts), Insurance (-2.37pts), and Modarabas (-2.01pts).

In the broader market, the All-Share Index closed at 52,266.56 with a net gain of 452.33 points or 0.87%.

Total market volume was 359.08 million shares compared to 297.99m from the previous session while traded value was recorded at Rs17.16 billion showing an increase of Rs3.06bn.

There were 203,081 trades reported in 435 companies with 242 closing up, 138 closing down, and 55 remaining unchanged.

To note, the KSE-100 has gained 3,360 points or 4.28% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 19,354 points, equivalent to 30.99%.

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